Spotify now has 40 million users — but just 10 million pay to stream songs

Spotify today announced a new milestone: The streaming music company now has 40 million users, 10 million of which pay up for the service.

This announcement arrives at a unique time for the music industry, as Apple has reportedly snapped up Spotify’s struggling streaming competitor — and highly successful headphones manufacturer — Beats Electronics. Fourteen months ago, Spotify announced 6 million paid users.